Foreign investor to inject Sh12.8b into ARM
Kenya’s second largest cement maker ARM Cement Ltd is eyeing a US$125 million (Sh12.8 billion) investment from an international institutional investor should the ongoing negotiations succeed.
ARM, the makers of Rhino Cement, said details of the deal, under which a foreign investor is expected to make multi-billion equity investment in the NSE-listed cement company, will be made available to the shareholders and the public soon.
“ARM Cement is currently in discussions with an international investor who intends to make an investment of up to $125 million equity investment in the company through convertible preference shares,” said the company in a statement.
Kenya's Economy to Grow at 6 Percent in 2016
Kenya's economy will accelerate slightly in 2016, driven by loose fiscal policy, infrastructure projects and robust private consumption, according to Focus Economics.
The Spain based economic research firm forecast the country's economy will grow at a rate of six per cent in 2016, which is unchanged from November's forecast.
"Nevertheless, a large fiscal deficit and rising public debt, a weak shilling and tight monetary policy represent challenges for the economy, along with corruption and insecurity," the firm said in the latest consensus forecast for Sub-Saharan Africa.
UN to help boost Kenya’s pharmaceutical industry
The United Nations Industrial Development Organisation (UNIDO) says it will help Kenya’s pharmaceutical industry reach international standards in order to reduce the cost of medicines.
Unido Consultant Wilberforce Wanyanga says the organisation plans to assist 34 pharmaceutical manufacturers meet World Health Organisation (WHO) pre-qualification standards in the next four years. “The aim is to make Kenyan medicines access the African continental market,” Mr Wanyanga said during the WTO side event on the role of patents in the pharmaceutical industry. So far, only one Kenyan manufacturing firm has met WHO standards.
Probase Kenya to tarmac roads in Embu at a cost of US$ 38.5 Million
The County government of Embu has signed contract with Probase Kenya a Malaysian based construction firm to construct and tarmac roads across the county at a cost of US$ 38.8 Million.
Embu County governor Martin Wambora said that the county signed the contract after the court ruled that county governments should manage their roads.
“This deal is the best the county has entered into so far in terms of roads construction since it uses modern technology and is cheap.” He added
This comes barely after the Kenyan Council of Governors sued the national government, demanding full control of county roads and won the case successfully.
